How To Accept Credit Cards For Your Business

For those who own a small business, it's always a good idea to make the necessary changes, upgrades and improvements to help it grow. The more a business grows, the more it will profit. As your business continues to expand, you may find yourself wondering how to accept credit cards online or wanting to know if there is a method to accept credit card payments in your brick and mortar store. Credit cards offer an easy and convenient way for your customers to pay for your product or service and finance the balance. This financing enables your customer to be able to purchase your service now and make payments on it at their convenience which can help make large purchases more easily affordable. In order to accept major credit cards for your business you will need to open a merchant account. A merchant account will be linked to a credit card processor so that the credit card payment can go from the credit card to your business bank account. There are many different merchant accounts to choose from and there are many different merchant account companies that can provide you with the ability to accept credit cards as payment.

I realize that change can be difficult, especially when you are in unchartered territory. However, know that making some of these changes can help increase your bottom line exponentially, and with very little effort on your part. In fact, your customers will be pleased to know that you accept major credit cards. It will also make your business appear to be more reputable and professional, increasing the trust of your customers. 

How Do I Choose A Merchant Account For Credit Card Processing?

Before you choose a merchant account, you need to be aware that there is a wide range of credit card processing rates. There are per-transaction fees, which can range from a few cents to a dollar or more. These fees are charged to the business owner for every time a card is used for payment. As you can imagine, this fee can add up quickly, especially with frequent charges, so it's a good idea to shop around and compare rates before making a commitment to one company. Many business owners may not realize that any rates charged are completely negotiable. Of course, the merchant account processor probably won't offer you this information, but it's good to know that everything is negotiable. Use this information to your advantage when you are discussing your proposed rate with your sales person. Remember, it's an offer, a proposition- there is no need for you to accept the first rate offer that they give you. Why make their job easier for them and hand over your hard earned money?

There are a few different factors that may be used in order to determine the processing rate that you will pay. All merchant account holders are required to pay a small percentage of the charges to the merchant processor. Depending on the average ticket amount, this can rack up substantial charges in a very short period of time.  As mentioned earlier, this rate is also completely negotiable. If you are bringing a large dollar volume in on a regular basis, it makes good sense to negotiate the rate with you in order to earn your business. 

Before you can start a merchant account, you will be required to have a business checking account and a credit check. You will also need to provide promotional information about your business, including your business website if you have one, and any promotional fliers or pamphlets that you may have available. This will help the merchant company classify your company to help come up with a processing rate.

Keep in mind that anyone that you speak to about an account is a sales associate, and like most sales associates, they stand to make commission off of whatever service they sell you. It is in their best interest to negotiate with you and get you the best possible rate to save you money and earn your business. If you haven't already done so, try contacting your current business bank to see if they can offer you discount merchant account services due to your current banking relationship. Also, contact online discount merchant account companies to see if they can beat your best offer. There are so many places to choose from, make sure that you take your time to research different rates and offers before you decide on one. This can mean the difference between helping your business fly high and watching your business suffer under mounting processing fees. 

Merchant Account

If you don't accept credit cards, you are losing business.